IL HB5564

Changes Section 909 of the Illinois Income Tax Act regarding credits and refunds of tax overpayments.

Allows taxpayers to elect to credit overpayment balances toward estimated tax for future years on original returns, amended returns, or otherwise, rather than receiving automatic refunds.

Changes Department authority from discretionary ("may") to mandatory ("shall") in prescribing regulations for taxpayer election procedures on overpayment credits.

Maintains existing provisions for interest on overpayments, refund claim procedures, Department examination timelines, and denial notice requirements.

Applies to returns and refund claims filed with the Department on and after July 1, 1983.